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Investec is eyeing a banking licence for its Irish business following Brexit but will wait to implement its contingency plans until the rules governing the UK’s departure from the EU become clearer, its boss has said.

The Anglo-South African lender and asset manager is considering converting the Dublin branch of its London bank into a subsidiary to ensure its continued access to Europe’s single market after Brexit, Stephen Koseff said.

However, unlike other banks, Investec is in no rush to secure a licence for the subsidiary, he added.

“We can’t apply until the rules are clear,” he said, as Investec posted a 13.4pc increase in annual pre-tax operating profits to £643.4m, on revenues that topped...